Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6]. Core Insights - Hanxin Technology is an AI product service provider focusing on smart city solutions, with a significant partnership with Huawei for AI framework and model innovation [2][4]. - The company achieved a revenue of 364 million yuan in 2023, representing a year-on-year growth of 139.64%, and a net profit of 30.01 million yuan, up 356.87% [2][4]. - The projected net profits for 2024-2026 are 18 million, 34 million, and 45 million yuan respectively, with corresponding EPS of 0.29, 0.55, and 0.72 yuan per share [2][4]. Summary by Sections 1. Highlights - Hanxin Technology specializes in providing AI-based products and solutions for government and enterprise clients, covering industrial intelligence, smart connected vehicles, and smart city sectors [14]. - The company has successfully delivered projects such as the Jinan AI Computing Center and the first smart connected vehicle demonstration road in Yantai [14][4]. 2. Industry Overview - The demand for computing power in China is rapidly increasing, with the computing power scale reaching 246 EFLOPS by the end of 2023, ranking second globally [3][51]. - The industrial internet sector is expected to reach a total scale of approximately 9.42 trillion yuan by 2025, indicating robust growth potential [64][68]. - The smart connected vehicle market is projected to reach 215.2 billion yuan in 2024, driven by strong policy support and technological advancements [71][78]. 3. Business Focus - The company operates in three main areas: industrial intelligence, smart connected vehicles, and smart cities, with a strong emphasis on R&D and collaboration with leading tech firms [84][122]. - Hanxin Technology has developed various AI solutions, including "AI + Industrial Vision" and "AI + Digital Factory," aimed at enhancing operational efficiency for industrial clients [86][87]. 4. Financial Performance - In 2023, the company reported a revenue of 364 million yuan and a net profit of 30.01 million yuan, with significant contributions from AI computing center operations and smart transportation projects [134][135]. - The projected revenue for 2024 is estimated at 251 million yuan, with a net profit of 18 million yuan, reflecting continued growth [144][145].
汉鑫科技：北交所首次覆盖报告：人工智能产品服务商，持续深化与华为信息技术合作